FX market turnover just hit $3.05 billion, highest in three months

So the FX market is finally waking up. According to FMDQ, total turnover rose 7.67% to $3.053 billion last week. That's the highest daily average we've seen in over three months, about $610.60 million per day.

The big driver was FX Spot transactions which accounted for almost 97% of the activity at $2.96 billion. But the real story is FX Forwards which surged nearly 46% week-on-week. CBN's reforms seem to be gradually working even though we still have a long way to go. Our reserves hit $51 billion too, highest since 2009.

What does this mean for us? Well, if this momentum continues we might see some stability in the naira. But honestly I'm still waiting to feel it in my pocket. The dollar is still hovering around N1,360 to $1. When will this actually affect the price of rice and bread?